Banks have been under tremendous pressure this week — BobPisani explains.
With Silvergate Capital announcing that it was winding down operations and voluntarily liquidating its bank, the market seems obsessed, for better or worse, with trying to figure out what if any exposure U.S. banks have to crypto. The short answer seems to be, not much, but banks have a whole other list of problems. Signature Bank , a commercial bank based in New York City with a small exposure to crypto, is down about 15% to a new low this week on its exposure to crypto.
"Signature is Different than Silvergate" PiperSandler analyst Mark Fitzgibbon said in a note this morning, noting that Signature's crypto deposits are close to 15% of deposits versus Silvergate, where it was the vast majority of deposits, and that Signature's balance sheet is about 10 times the size of Silvergate. "So, they have lots of other deposit verticals to rely on," Fitzgibbon said. At this point, it is a distinction without a difference.
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